Age 25 and I just bought a used 2000 w/ only 24k miles. Salary is $57k/yr. may seem much but i have rent, fiancee, insurance, utitliies, and school loan still paying off. Insurnce is pretty high too $180/mo w/ 1pt.

 

Hardly anyone, unless they started to build credit at 18. I didn't know we were specifically talking about 20 year olds. Why not "prove" yourself
by buying a new Hyundai for $10K or a used VW rather than start with a $30K car. Think how much closer to the real esate you'd be. When you approach 55 and see you can't retire you'll look at things differently. If I buy the house that I bought for $210,000 as a 40 year old, back when I was 25 it would only have cost me $55,000. It would be paid for now, and still worth $600,000. Get it now ?


BTW, told you young people wouldn't like the idea

Steve

 

Yeah I understand what you are saying, I just thought you were speaking about 20 year olds specifically. And I am currently invested stocks, mutuals funds and already putting money into my 401K. Nothing wrong with putting away for the future..

 

i recently got a 05' berlina

i work most of the week doing phone sales..
its a good job.. live at home w/ rents

have enough to save, and pay for the car..

and being happy is also good

 

Why not do both? Property and a nice car... It doesn't necessarily have to be a large home. A one bedroom townhouse will, in most areas, appreciate more rapidly than a house and be easier to sell later.

Most rent, nowadays, is as much as a mortgage payment anyways. All you need to save for is a down payment.

 

16 . . . indulge all you want

 

I'm 42 and have a few toys now.

My advice is to never have a monthly car payment. You will be making payments on a depreciating asset, that spiral is difficult to escape.My '05 is the 4th car I have owned and my Vette was my second. My first car lasted me 225,000 miles and my third lasted 170,000.

There is a great freedom and piece of mind to being debt free and having a little cash to buy an appreciating asset.

 

I bought my first house at 21.....
My First and Second S2K at 24
Second House at 24
Third S2k at 27 (which is how old i am now)

 

I am 43. My wife and are DINKS ( double income no kids ). I could have easily bought a more expensive car as I have in the past. I am married, have a dog that I adore, and a good job. You are young so image will be more important. Save every dollar you can while still having what you enjoy. Don't waist money and you will have a comfortable life.

 

i am 23 have a mortgage, my s2k, and pay all my bills, and still have money left over at the end of the month, also i do not have very much debt at all on my cc's.

i bought my house when i was 20 btw..

i'm just stating the facts btw, not try to be arrogant.

my advice to anyone is to put the carriage before the horse, too many people do the opposite and end up over their heads or renting/living with their parents forever imo